Payment Plans and Loan Options

Your expected family contribution is an estimate of how much of your educational expenses you and your family are expected to absorb. The EFC is not necessarily a prediction of how much cash your family actually has on hand, rather, it is an estimate of your capacity over time to absorb some of the cost of your education. At Clark University, we realize that preferences and needs for additional resources for financing your education are as individual as each student. Most families use a combination of the options below to help pay the remaining cost of attending Clark that financial aid does not cover.

Interest-Free Monthly Payment Option

The best way to limit debt is to consider the Interest-Free Monthly Payment Option that is offered to Clark families through Tuition Management Systems. Please call TMS at (888) 216-4258 or view their website to obtain more information.

Loan Options for Financing Your Expected Family Contribution

If the payment plan above is not a viable option for you, consider a private educational loan program. We recommend that you use the Borrow Smart tool, which encourages a combination strategy: using a combination of resources to limit debt while still keeping your monthly payments affordable. We strongly encourage families to consider all the ways to pay for an education before applying for any private alternative loan.

Private Educational Loan Programs

Private educational loan programs are an option that may meet the financing needs of some of our families. The borrower is either a credit-worthy
student borrower and/or a co-borrower. Both the interest rates and the fees may vary from program to program, often based on the borrower's credit history and
are not always fixed rates. The maximum loan amount that can be borrowed each year is up to the total cost of attendance minus financial aid awarded to the student.

Clark University does an annual review of alternative loan providers and their products specifically reviewing interest rates, repayment options, borrower benefits, and customer service. Based on our review, we provide a loan comparison chart describing the components of each program we have reviewed. However, we encourage our families to do their own research to find a product that best meets their needs. All borrowers have the option to select a private educational loan from any lender or agency they choose. Clark University will process any private loan application submitted to the University. Additionally, student borrowers should consider utilizing their full eligibility through federal student loan programs before borrowing a private educational loan.

The MEFA Undergraduate Loan is offered through the
Massachusetts Educational Financing Authority. MEFA is a non-profit
self-financing state authority that serves students and families in
Massachusetts and families of out-of-state students pursuing higher education
in Massachusetts. The MEFA Undergraduate Loan is a private educational family
loan offered at a fixed interest rate. The fixed rate will vary based on the
repayment option you select. The MEFA Undergraduate Loan requires a credit-worthy
borrower and all applicants must be either a U.S. citizen or permanent resident.
Applicants may borrow up to the cost of attendance minus any financial aid the
student will receive.

Additionally, MEFA offers the MEFA Undergraduate Student
Alternative Loan. This loan offers a fixed interest rate.
The student is the primary borrower but a credit worthy co-borrower may be
required which will reduce the origination fee. All applicants must be
either a U.S. Citizen or permanent resident. Applicants may borrow up to
the cost of attendance minus any financial aid the student will receive.

The Citizens Bank TruFit Student Loan is a school certified
private loan option for undergraduate and graduate students. Students can select either an immediate,
interest only, or deferred payment option and may borrow up to the cost of
education less any financial aid awarded to the student. This is a no fee
private loan program.

For more information on this loan program or to apply for the loan, visit their website or call (800) 708-6684.

The Chase Select Loan program is a private loan program for
undergraduate and graduate students. It can be used for any school approved
educational expenses. With this loan the student can borrow up to the cost of
attendance minus financial aid received by the student. There is a deferred
repayment option, an interest-only repayment option, and an immediate repayment
option with the Chase Select Loan program.
This is a no fee private loan program.

For additional information on the
Chase Select Loan, visit their website or call (866) 306-0868.

The Smart Option Student Loan (funded by Sallie Mae) can be a solution for students who still need funds after
they have maximized their eligibility through the federal student loan programs.
With this loan, the student can borrow up to the full cost of education less any
other financial aid the student has received. The Smart Option Student Loan
offers a deferred repayment option, interest only, or $25 a month fixed payment
while enrolled and an immediate repayment option. This is a no fee private loan
program.

For more information on the Smart Option Student Loan, visit their website or
call (888) 272-4665.

Wells Fargo Collegiate Loan is one of the private loan programs
offered by Wells Fargo. This loan program is for undergraduate and graduate
students attending school full-time, half-time, and less than half-time. The
standard repayment terms for this loan is 15 years and borrowers make no
payments while in school; both payment and interest are deferred. This means that
interest will begin to accrue while the student is in school but no payments are
required during the time the student is enrolled. The student can borrow up to
the cost of attendance minus any financial aid the student has been awarded.

For additional information on the Wells Fargo Collegiate Loan, visit their website or call (800) 658-3567.